Stock market today
:
BSE Sensex
and Nifty50, the Indian equity benchmark indices, opened in red on Wednesday. While BSE Sensex dipped over 300 points,
Nifty50
went below the 22,800 level. At 9:18 AM, BSE Sensex was trading at 74,864.70, down 306 points or 0.41%. Nifty50 was at 22,789.30, down 99 points or 0.43%.
The stock market experienced a turbulent trading session on Tuesday, ultimately closing with losses.
The broader market saw more significant profit-taking, indicating heightened volatility.
"Nifty has been consolidating in a broad range for the third consecutive day as investors remain watchful ahead of the big election outcome next week. We expect the Nifty to remain sideways to marginally positive on the back of reduced FII selling, prediction of above normal monsoon and last leg of Q4 results," said Siddhartha Khemka, Head - Retail Research, Motilal Oswal.
According to Subash Gangadharan of HDFC Securities, it is crucial for the Nifty to maintain above the previous swing highs of 22,795 for the uptrend to persist. Markets are expected to be volatile in the upcoming sessions as the election result announcements approach.
US stocks closed mixed on Tuesday, with the Nasdaq crossing 17,000 for the first time, supported by gains in Nvidia. The S&P 500 ended slightly higher, while the Dow closed lower as Treasury yields increased.
Asian markets mostly opened lower as investors evaluated a selloff in bonds, mixed economic data, and comments from Federal Reserve officials for insights into the policy outlook.
Oil prices increased on Wednesday, anticipating that major producers will maintain production cuts at the upcoming meeting on Sunday, coinciding with the expected rise in fuel consumption as the peak summer demand season begins.
Foreign portfolio investors were net buyers, purchasing shares worth Rs 65.57 crore on Tuesday, while domestic institutional investors bought shares worth Rs 3,231.67 crore.
FII data shows that their net long position increased from Rs 22,062 crore on Monday to Rs 47,459 crore on Tuesday.
Several companies, including Tata Steel, Cummins India, Samvardhana, Alkem Labs, and SJVN, are set to announce their fourth-quarter earnings on Wednesday.
English (US) ·